SEC goes after Exxon over Climate Change? [Greg Laden's Blog]

For some time now ExxonMobil Corporation has been under scrutiny for having a) known about climate change, yet b) helped cause climate change, while c) investing corporate resources into getting people and the government to not take climate change seriously.

Worst case allegation: ExxonMobile has taken material steps, knowingly and intentionally, that will cause the end of civilization as we know it.

That, of course, is not illegal. But along the way, perhaps some laws have been broken, and some in the legal biz have been looking into this.

Now, suddenly, we hear from the Wall Street Journal that the US Securities and Exchange Commission (SEC) is looking into the way ExxonMobile has valued assets under conditions of falling energy prices in the context of expected increasing regulations. In other words, the climate change crisis will (and has) freeze assets held by giant corporations, and that makes those assets of relatively little value. I assume the question here is, has Exxon addressed that impending shift in value?

Apparently, the SEC has been digging into this since at least mid summer.

Also, this is apparently part of a broader shift by the SEC in how they look at the disclosure of information pertaining to the same basic problem, more broadly.

It is all very complicated, and the implications are potentially profound. Check out this piece in the Wall Street Journal, and report back with your opinion.

from ScienceBlogs http://ift.tt/2cPlZGa

For some time now ExxonMobil Corporation has been under scrutiny for having a) known about climate change, yet b) helped cause climate change, while c) investing corporate resources into getting people and the government to not take climate change seriously.

Worst case allegation: ExxonMobile has taken material steps, knowingly and intentionally, that will cause the end of civilization as we know it.

That, of course, is not illegal. But along the way, perhaps some laws have been broken, and some in the legal biz have been looking into this.

Now, suddenly, we hear from the Wall Street Journal that the US Securities and Exchange Commission (SEC) is looking into the way ExxonMobile has valued assets under conditions of falling energy prices in the context of expected increasing regulations. In other words, the climate change crisis will (and has) freeze assets held by giant corporations, and that makes those assets of relatively little value. I assume the question here is, has Exxon addressed that impending shift in value?

Apparently, the SEC has been digging into this since at least mid summer.

Also, this is apparently part of a broader shift by the SEC in how they look at the disclosure of information pertaining to the same basic problem, more broadly.

It is all very complicated, and the implications are potentially profound. Check out this piece in the Wall Street Journal, and report back with your opinion.

from ScienceBlogs http://ift.tt/2cPlZGa